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Service Terms and ConditionsIWeb Share Dealing Self Invested Personal Pension
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IWeb Share Dealing Self Invested Personal Pension (SIPP)Service Terms and Conditions
Contents
1. How do these terms and conditions operate? 3
2. What do the words and phrases in bold type mean? 3
3. Opening an account 6
4. Funding your account 8
5. Dealing and Advanced Dealing (TradePlan) 8
6. Settlement 13
7. Looking after investments and cash held pending investment 14
8. Charges 18
9. What information will be sent to me? 19
10. How are complaints dealt with? 21
11. Regulatory matters and disclosures 21
12. Regular investments 24
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1. How do these terms and conditions operate?These conditions and the latest published IWeb Share Dealing website explain therelationship between you and us. The conditions are split into sections to make them easier to read.
You should read these conditions and the IWeb Share Dealing Order Handling Policy,summary Conflicts of Interest Policy and website (which, taken together form the full terms and conditions of our service) carefully to understand how they work. They also set out your and our rights and duties. By accepting these terms and conditions youacknowledge the creation of a contractual relationship which has legal consequences.
A J Bell Management Limited is the provider of the pension administration service for your SIPP Account. A J Bell Management Limited is part of the AJ Bell Group and isauthorised and regulated by the Financial Services Authority (FSA). IWeb Share Dealing willprovide the clearing, settlement, custody and brokerage services to you. Please also notethat IWeb is a trading name of IWeb (UK) Ltd. IWeb (UK) Ltd is owned by Halifax ShareDealing Limited, which is part of the Lloyds Banking Group.
It is important that you also read and understand A J Bell Management Limited’s Terms and Conditions and Key Features Document to understand how they work and your rightsand duties for your pension. The A J Bell Management Limited Terms and Conditions set out the terms of your contractual relationship with A J Bell Management Limited.
2. What do the words and phrases in bold type mean?In these conditions, the following words and phrases in bold type have the special meanings given below:
Assured Valuation Point (AVP)
the point at which the Fund Manager defines the price forvaluation and trading of a Unit Trust or Open Ended InvestmentCompanies (OEIC) based on the value of the collective assetsheld within the Unit Trust or OEIC.
Approved bank a bank registered in the UK where we may deposit money. In the majority of cases this will be Halifax and Bank of Scotlandwhich are members of the Lloyds Banking Group;
A J BellManagementLimited
provides the pension administration services for your SIPPaccount. A J Bell Management Limited is part of the AJ Bell Group and is authorised and regulated by the Financial Services Authority;
a collective name for target setting, range trading, pricelocking, stop loss orders and limit orders. (See conditions5.12 to 5.26 for full details of how the service works.);
Advanced Dealing(TradePlan)
your SIPP share dealing account has the ability to hold cash andinvestments. Any cash is held pending investment. When wesay credit or debit your SIPP, we mean credit or debit the cashelement of the account;
Account
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Income money from dividends funds distributions or interest, includinginterest on cash balances we hold;
FSA the Financial Services Authority Limited, an independentorganisation that authorises and regulates us, whose address is 25 The North Colonnade, Canary Wharf, London E14 5HS;
DividendReinvestmentPlan (DRIP)
a DRIP gives you the opportunity to use your cash dividends on your CREST eligible shares and Cofunds eligible funds to buy more shares or units. If you join a DRIP, your cash dividendwill be used to buy as many shares or units as possible for you, after taking into account the costs as soon as practicable on orafter the dividend payment date;
our Policy on the management of conflicts of interest. Itdescribes the steps we take to identify and manage conflicts thatmay arise. A summary of our COIP has been provided to you.
Conflicts ofInterest Policy(COIP)
Cofunds a nominee platform for the electronic trading and settlement of Unit Trusts and OEICs.
Deal the purchase of or sale of or subscription for investments byyou. We also use the word trade;
an electronic system for the transfer and registration of sharestraded on the London Stock Exchange and other Markets;
CREST
a rights issue, take-over, merger, capital reorganisation,conversion, subscription rights or similar event affecting any of your investments;
Corporate action
a written record, giving the details of a deal, including allcharges and the total amount payable by or to your account;
Contract note
Dealing period the period during which a deal can take place on the Marketon which we carry out that deal. For UK Markets the dealingperiod is 8.00 a.m. to 4.30 p.m. Monday to Friday excludingEnglish public holidays, but this may change from time to time. For Markets outside the UK the dealing period willfollow the opening hours of that Market. Details of theinternational exchanges’ dealing hours can be found on ourwebsite; Unit Trusts and Open Ended Investment Companies (OEICs) arepriced once a day. Orders received in these investments will betraded at the next available AVP if submitted 45 minutes prior to the AVP. Orders submitted after this time will be traded atthe subsequent AVP;
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Sippdeal Trustees is the trustee of your SIPP and is a wholly owned subsidiary of A J Bell Management Limited;
SIPP a Self Invested Personal Pension. This is a type of personalpension which gives the policy holder more choice about theinvestments held. With a traditional personal pension, yourchoice is limited to funds run by the insurance company. With a SIPP, as well as funds you can also invest in the shares of anycompany listed on a stock exchange recognised by HM Revenue& Customs;
Settlement this happens when the seller delivers investments to the buyerand the buyer delivers the purchase consideration to the sellerin the Market (for example, through a settlement system such as CREST) for shares or directly with the Fund Manager for UnitTrusts and OEICs. The settlement date is the date on which thebuyer and seller agree that this must happen;
details of which investments we can buy, subscribe for or holdfor you are set out on our website. We will only holdinvestments in your SIPP which are “permitted investments”;
Investments
the corporate group of which we are a member; (including itssubsidiaries and subsidiary undertakings from time to time);
Lloyds BankingGroup
Safe custody the safeguarding and administration of investments;
the Order Handling Policy sets out the arrangements we haveadopted to ensure that your orders achieve the best possibleresult;
this includes both regulated markets, such as the London StockExchange plc (LSE), multilateral trading facilities (MTF), whichbring together buyers and sellers of securities and investments(including Retail Service Providers and Market Makers) andinvestment firms who deal outside regulated markets or MTFs
Markets
contains the key features and information about your SIPPAccount;
Key FeaturesDocument
the service that we provide in accordance with these conditions,as described in condition 3;
IWeb ShareDealingSIPP Service
Order HandlingPolicy (OHP)
HSDL Nominees Ltd or any other nominee company whollyowned by us, or any other nominee from time to time, whereyour investments will be registered;
Nominee
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3. Opening an account
How does my SIPP Dealing Account work?
3.1 You can use the IWeb Share Dealing SIPP Service to buy, sell or subscribe for certain types ofinvestments to be held within your SIPP.
3.2 Your account can hold both investments and/or cash and where relevant we will maintainseparate records of these for you. Your investments will be pooled with those of other clients and held electronically in our nominee. Our nominee has legal title to theinvestments. We maintain a separate client bank account for the IWeb Share Dealing SIPPService with an approved bank that contains the money we hold that belongs to our clients.In respect of the holding of both cash and investments, our arrangements fully comply withthe requirements of the FSA and HM Revenue & Customs rules and regulations.
3.3 We cannot give you any investment, taxation or other advice in connection with your account. If you need advice, you should consult an appropriate professional financial adviser.
3.4 When you apply to become a client, we will allocate to you a personal reference number(PRN), a personal identification number (PIN) and give your account an Account Code. We will not accept any instructions or subscriptions from you unless you satisfy our securityverification procedures. We will also send you details of these procedures. When we acceptyou as a client we will send you a welcome letter or e-mail.
You/your our client, being the person who becomes registered with us to use the IWeb Share Dealing SIPP Service. For ease ofreading, these words are not shown in bold type;
Working day any day other than a Saturday, Sunday, English or internationalpublic/ national holiday;
Us/we/our Halifax Share Dealing Limited, the provider of the IWeb ShareDealing SIPP Service. The FSA authorises and regulates us. Forease of reading, these words are not shown in bold type;
Warrant gives the holder the right (but not the obligation) to subscribefor shares;
our online service at www.iwebsharedealing.co.uk or any otherInternet address which we may notify to you;
Website
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Who can open an account?
3.5 You must be 18 years of age or over and be resident in the UK, Jersey, Guernsey or the Isle of Man or be a Crown employee serving overseas. You must inform us if youcease to be resident in the UK, Jersey, Guernsey or the Isle of Man or cease to be aCrown employee serving overseas. To make contributions to your SIPP, you must beresident and ordinarily resident in the UK, not including the Isle of Man or theChannel Islands.
Where the application for membership of the SIPP is made by a legal guardian onbehalf of a person under the age of 18 all authority to operate the SIPP and theaccount will rest with the legal guardian until such time as the member reaches 18 years of age at which time all authority will automatically pass to the member.
What needs to be provided when opening an account?
3.6 Prior to accepting you as a client we may require you to complete certaindocuments and provide evidence of your identity in line with the law to preventmoney laundering. If you do not provide the appropriate documents or we are notsatisfied with them, we may:
• delay accepting your application for an account;
• refuse to accept your application for an account;
• refuse to accept cash or stock;
• refuse to buy, sell or subscribe for investments;
• refuse to make payments to you from your account; or
• close your account.
As a result, the price at which we then deal for you could be higher or lower thanthe price at the time we receive your application or instructions.
What are the risks?
3.7 Buying investments can involve risk. The value of your investments and theincome from them can go down as well as up. You may not get back the fullamount you have invested.
3.8 There is an extra risk of losing money when shares are bought in some smallercompanies including penny shares. There may be a big difference between thebuying price and the selling price of these shares. If they have to be soldimmediately, you may get back much less than you have paid for them. The pricemay change quickly and it may go down as well as up.
3.9 Certain investments may not be readily realisable. You may have difficulty sellingthese investments at a reasonable price and, in some circumstances, it may bedifficult to sell them at any price. You should not invest in these investmentsunless you have carefully thought about whether you can afford them and whetherthey are right for you.
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3.10 In certain overseas jurisdictions there may be different settlement, legal and regulatoryrequirements to those applying in the UK and also different practices for the separateidentification of clients’ investments.
3.11 Foreign markets will involve different risks from UK markets and in some cases the risks will be greater. On request, we will provide you with an explanation of the relevant risks andprotections which will operate in any foreign markets, including the extent to which we willaccept liability for any default of a foreign broker whom we use to process deals. Thepotential for profit or loss from transactions on foreign markets or in foreign denominatedcontracts will be affected by fluctuations in foreign exchange rates.
4. Funding your account
How does funding work for an IWeb SIPP?
4.1 The proceeds from the sale of investments will be paid into your IWeb SIPP as will any income arising from your investments.
4.2 When you instruct us to buy or subscribe for investments for you, your IWeb SIPP needs tocontain sufficient cleared funds to meet the full costs of the purchase or subscription.
If cleared funds are insufficient at the point of execution to cover the whole amount of apurchase or subscription, we will either:
• not carry out any part of the purchase or subscription; or
• adjust your trade to match the cleared funds in your IWeb SIPP.
In order to fund your account please refer to the Key Features Document for full details ofhow to make contributions to your SIPP and/or arrange for transfers to be made to your SIPPfrom other registered pension schemes.
5. Dealing and Advanced Dealing (TradePlan)
How can deals be placed and what sort of investments can be bought?
5.1 Unless we agree otherwise, we will accept online dealing instructions and provide nomineeand safe custody facilities as follows:
• online deals to buy, sell and subscribe for a number of different types of investments using our online service at www.iwebsharedealing.co.uk. Instructions for our online service can only be made using our secure website. If the website is unavailable you should place yourinstructions by telephone. The types of investments that you can trade online are listed atwww.iwebsharedealing.co.uk;
• any investments that you buy will be held in your account;
• before you place an instruction to deal in warrants you will be required to complete anassessment. As part of this assessment a risk warning notice is given to you in compliance with the Rules of the FSA. It warns you to consider carefully whether warrants are suitable for you and that you should not deal in them unless you understand the nature of thetransaction you are entering into and the extent of your exposure to potential loss.
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When can deals be placed and how will instructions be carried out?
5.2 You can buy, sell or subscribe for investments during the dealing period.
You must tell us the exact name, number or value of investments you want us tobuy, sell or subscribe for.
5.3 When you ask us to trade investments we will carry out the trade in the currency of the Market on which we trade or in the case of Unit Trusts and OEICs thecurrency defined by the Fund Manager. Where necessary and in order to effectsettlement with you in accordance with clause 6.1, this currency will be convertedto pounds sterling based on the exchange rate from time to time determined by usat the time of execution. Such rates will reflect the prevailing currency market atthe time of conversion. We will give you an indicative exchange rate at the time ofdealing although you should be aware that the actual exchange rate applied to yourtrade may change from the indicative rate provided.
5.4 If we accept instructions inside the dealing period, they will be carried out as soon as reasonably practicable. If we accept them outside the dealing period, we will carry them out as soon as reasonably practicable after the start of the next dealingperiod. Orders for Unit Trusts and OEICs will be traded at the next availableAssured Valuation Point (AVP) if submitted 45 minutes prior to the AVP. Orderssubmitted after this time will be traded at the subsequent AVP.
5.5 We will carry out your instructions in accordance with our Order Handling Policy(OHP) and Conflicts of Interest Policy (COIP). Where there is a conflict betweenour OHP and COIP and these terms and conditions, the latter will take precedence.
5.6 We may buy, sell or subscribe for investments for you and other clients as part of the same deal. When we do this, we must reasonably believe that the aggregationof orders is unlikely to work to your disadvantage. However, it could result in aslightly less favourable price than if we had bought or sold your investmentsseparately.
5.7 We will carry out each instruction to deal in more than one type of investmentor each instruction to deal at different times in the same type of investment asseparate instructions. Charges will apply separately to each deal.
5.8 (a) Other than where 5.8 (b) applies, when you instruct us to buy, sell or subscribefor investments, you cannot change your mind afterwards. Your instructions willnot bind us until we have accepted them. We will confirm that your order has beenaccepted by giving you an order or bargain reference. See also condition 11.12.
5.8 (b) TradePlan instructions submitted can be cancelled or amended ONLY whenthey have a status of pending otherwise they are subject to the terms as definedin 5.8(a).
5.9 On occasions the demand for the service and market conditions may fluctuate.Consequently once we have accepted your instructions to buy, sell or subscribe forinvestments we cannot accept any responsibility for any actual or potentialfinancial loss or expense you incur if for any reason (other than our negligence)there is a delay or change in market conditions before execution of your order iscomplete.
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5.10 When we have accepted your instructions to buy, sell or subscribe for investmentswe may, at our discretion, contact you to confirm your instructions. We will do this if we reasonably believe that it is in your interests to do so. We will not be liable to you if wedo not contact you.
5.11 If, after an order is placed on your behalf on a Market or with a Fund Manager and we are asked by them to cancel any dealings in the relevant stock, we will not be liable for any loss that you incur. In particular, we reserve the right to cancel any duplicate or repeatedinstruction you give to us where the circumstances indicate that the deal has been split intosmaller orders to take advantage of any market limitations or restrictions.
What is Advanced Dealing (TradePlan) and how does it work?
5.12 The following conditions 5.13 to 5.26 explain how TradePlan works. The following definedwords in bold type have special meaning in relation to TradePlan:
Limit order – a TradePlan order that sets a price above which you will not buy or belowwhich you will not sell investments. If the next price in the market is equal to or better thanthe limit price then it will be executed at that price. The order will be triggered at the bestprice in the market for that order size;
When you ask us to place a UK limit order for you it will be accepted on the expresscondition that we will not make the details of such order publicly available.
Limit price – the maximum or minimum price at which you are willing to buy or sell specifiedinvestments;
Price locking – an order comprising of a stop loss order which tracks the price of aninvestment. If the order to sell at your stop loss price is not met during a working day thenthe stop loss price is automatically revised upwards based on the closing price and theparameters you set when placing the order. If the stop loss price is met during a working daythen the order will be executed;
Range trading – a TradePlan order comprising of two limit orders, one to buy investmentsat a limit price, and one to sell those investments at a different limit price;
Stop loss order – an order to sell an investment triggered when the stop price is met orpassed. The order will be executed at the best available price in the market, for that order size.The execution price may be higher than, equal to or lower than the stop price (see 5.19);
Stop price – a price set by you at which you are prepared for an order to be executed;
Target setting – a TradePlan order comprising of a limit order to sell investments at a pricehigher than the current price and a stop loss order to sell investments, if the price falls, at alower price than the current price. If one side of the order is executed then the other will becancelled;
TradePlan – a collective name for target setting, range trading, price locking, stop lossorders and limit orders.
5.13 All orders will be treated as individual orders unless they are inter-related orders underTradePlan. An inter-related order pair is where one side of the TradePlan is contingent on theother, and therefore may be cancelled if the other executes.
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5.14 You are able to leave a TradePlan order that will expire at the close of business onany working day in the future, except for limit and stop loss orders that will runfor a maximum of 90 calendar days. The order will run until either expiry, execution,amendment or cancellation by you. We may decide to extend the maximum periodbeyond 90 calendar days, should this be the case, we will publish details on ourwebsite.
5.15 A limit order or stop loss order may be partially executed where the limit price orstop loss price is met. You will not have any right to cancel the part of the orderwhich has been partially filled.
5.16 A TradePlan may be amended or cancelled by you, as long as the order has notbeen carried out or is not in the process of being executed and we accept thecancellation or amendment.
5.17 It is your responsibility to verify whether an order has been carried out and, if it has not, whether you require a new instruction to be placed.
5.18 When we accept your order, we will endeavour to follow your instructions and will generally carry out orders by reference to time of receipt. We do not guaranteethat TradePlan orders will be executed even if a price is met by market conditions.
5.19 TradePlan orders are designed to execute when the price of an investment meets,falls below or rises above a specified price. In the period between the price beingachieved and the execution of the order, the price of the investment may havemoved. This may mean that the order is dealt at a slightly different price to theTradePlan price. In certain market conditions, the price difference could besignificant. In addition, specific events may cause the price of an investment to move to an unusually high or low price, which may cause your order to execute at those prices. Any order executed in these circumstances will be valid and we will not be liable for any resulting loss.
5.20 An order to “Sell All” will result in all investments owned in a security in thataccount being sold. This type of order will take into account any pending order forthe same investment regardless of order type and take into account anywithdrawals or deposits since the original order was placed.
5.21 TradePlan orders can be placed on all UK listed CREST eligible investmentsalthough we can change the range of investments which are available.
TradePlan Risk Warnings
5.22 If your order is outside the normal market size of that investment, we may not deal it. We may try to contact you about your order.
5.23 If you place a TradePlan order and the stock on your account is subsequentlysuspended we reserve the right to cancel or amend that order.
5.24 If you place a TradePlan order and the stock is then subject to a corporate action our standard practice is to execute orders when a price is met, even if the corporate action affects the price either technically, for example through a re-structure or because of market sentiment. However we reserve the right tocancel, amend or otherwise intervene in such orders.
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5.25 We reserve the right not to offer a TradePlan or to withdraw the TradePlan facility on certaintypes of accounts.
5.26 We will not be liable for any failure to execute a TradePlan order for technical or operationalreasons, except for negligence on our part.
Are there any times when deals can’t be placed?
5.27 We may refuse to accept any instructions. In particular, we may ask you for proof that youhave the right to deal in investments for which you have given us instructions.
We may not deal for you until you have provided us with proof that is satisfactory to us. In particular, we may not accept your instructions unless:
• we have verified any changes to your personal information;
• we have received any documents (correctly filled in) we may have asked for;
• we have all the documents (including any share certificates) and information we need to carryout your instructions (this includes any evidence we need to confirm a change to your name oraddress);
• where investments are held in the name of another person and you wish to give usinstructions to sell those investments, we have received satisfactory proof of your authorityto deal for that other person.
Who has authority to deal?
5.28 We will accept instructions to buy, sell or subscribe for investments for you:
• from you, where you warrant that you have the right to trade and that no other person has any rights or interests in those investments that prevents you from trading them in line withthese conditions. Any instructions that we accept in good faith will form a legally bindingcontract between you and us. In particular, you authorise us as your agent for the expresspurposes of following your instructions in line with these conditions;
• from a person who has a legal right to give us instructions (for example, from the administratoror trustee if required in order to pay any tax or charges, or if you are made bankrupt or yourpersonal representative);
• from a person that you have authorised in writing to give us instructions (for example,someone who has a Power of Attorney for you) as long as we have accepted your writtenauthority to do so; or
• from all account holders who are named on your account.
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What other conditions relate to dealing?
5.29 If we negligently fail to carry out your instructions that we have accepted we will try to return you to your original position or the equivalent.
5.30 If settlement is due to take place more than 3 working days after the deal, we may require you to pay an additional charge. Details of this charge are available on request.
5.31 When you buy or subscribe for investments we will debit your IWeb SIPP on thesettlement date.
6. Settlement
How will money settle?
6.1 Your account will be denominated in pounds sterling (or in euros if the euro hasbeen adopted as the UK's currency). We will carry out deals and settle them withyou in pounds sterling (or in euros as appropriate).
Where we are required to settle any transaction with a Market in a currency otherthan pounds sterling, we shall convert into or out of the relevant currency, inaccordance with clause 5.3, the amount of funds necessary for settlement.
6.2 We accept no responsibility for default or other failure to perform by a third partysettlement agent, depository, clearing or settlement agent or system or anyparticipant in one of them except where such default or failure is directly caused by our willful default or negligence in connection with the performance of servicesunder these terms.
When will money be received when shares are sold?
6.3 If you make a sale we will credit your IWeb SIPP on the settlement date shown on your contract note. For your convenience sales proceeds from sales can bereinvested straight away.
What happens if funds aren’t supplied for a deal?
6.4 If you fail to make payment by the settlement date stated on the contract noteand notified to you at the time of the deal, we may:
• treat any outstanding transaction as having been cancelled and terminated and thecosts of unwinding your position, or cancelling or terminating shall be added toyour account;
• apply a charge to cover our extra administration costs;
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• claim from you the total amount that you owe us together with interest on that amount at arate of 2% above the Halifax variable mortgage base rate from time to time in force (calculatedon a daily basis) from that date until payment in full has been received;
• realise any of your assets that we hold, or instruct our nominee to sell any of your investmentsor connected rights that it holds for you, and apply the proceeds towards settling the totalamount owed by you. Any shortfall will still be due from you; and
• you authorise us to apply any cleared funds that we hold for you towards settling the totalamount owed by you on your account. Any shortfall will still be due from you.
6.5 Until we receive in cleared funds any outstanding amounts that you owe us:
• you authorise our nominee to keep your holding, share certificate(s) and/or connected rights and we may also refuse to carry out any instructions relating to your holding, sharecertificate(s) and/or connected rights.
6.6 Title to any investments shall not pass to you until you have paid for them and our relatedcharges in full.
7. Looking after investments and cash held pending investment
How will shares and other investments be looked after?
7.1 Investments that you buy or subscribe for or transfer into your account will be held in safecustody in your account. There are charges for some services (see our website).
7.2 We will not lend or deposit by way of collateral any investments in your account to a thirdparty without your express permission.
7.3 You must not use the investments and cash in your account as security for a loan. Money maynot be borrowed on the security of investments in your account.
7.4 If you ask, we will arrange for you to:
• receive a copy of the annual report and accounts for every company or other concern in which you invest through your account;
• receive any other information issued to holders of the investments;
• attend shareholders’ meetings, subject to any restrictions on attendance imposed by thecompany; and
• vote by proxy (by telling us how you want the votes to be exercised by the nominee).
We will only use any rights we have to vote for you when you tell us to do so.
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How will cash held pending investment be looked after?
7.5 We will hold your SIPP funds so that we comply with the FSA Rules.
7.6 If you ask us to deal in overseas investments for you, we may hold your money in abank account with an approved bank outside the UK or pass your money to anintermediate broker or agent, settlement agent or Over The Counter (OTC)counterparty outside the UK. In such circumstances the legal and regulatory regimeapplying to the approved bank, intermediate broker, settlement agent or OTCcounterparty will be different from that of the UK and, in the event of a failure ofthe bank, intermediate broker, settlement agent or OTC counterparty your moneymay be treated in a different manner from that which would apply if your moneywas held by a bank intermediate broker, settlement agent or OTC counterparty inthe UK. Where we hold your money in a bank account with an overseas approvedbank, such bank may be entitled to combine the account with any other account orto exercise any right of set-off or counterclaim against money in that account inrespect of any sum owed on any account of ours. We will not be liable for thesolvency, acts or omissions of any third party referred to in this term.
7.7 If we hold at least £1 in cash for you in your IWeb SIPP, we will pay interest on it.Interest is accrued daily and paid gross annually. The current rate(s) can be found on our website or by calling us.
7.8 Any cash that you are entitled to receive in connection with your account, will berounded down to the nearest penny.
7.9 (a) All income and cash entitlements will be paid promptly into your accountpending investment unless you elect to take part in a DRIP scheme.
• We will only accept dividends in cash unless we agree otherwise.
What should I do if I want to join a Dividend Reinvestment Plan?
7.9 (b) You can elect to join a DRIP by giving us your online instruction or by calling us.Once you have elected to participate in the DRIP all future dividends on CRESTeligible shares will be reinvested under the DRIP until you withdraw from theDRIP. If you have more than one account, you will need to give us separateinstructions for each account.
7.9 (c) If your account has been restricted by us for any reason your DRIP instruction will not be actioned and any related money will be placed in your SIPP.
How many shares or units will I receive?
7.9 (d) The number of shares you will receive for each dividend will depend on:
(i) the amount of your cash dividend, which is based on the number of shares you hold at the relevant dividend record date multiplied by the dividendpayment amount;
(ii) the price at which the shares are bought; and
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(iii) the dealing costs and stamp duty reserve tax for the purchase of the shares. You willreceive the maximum whole number of shares or fractions of a unit which can be boughton your behalf. We will not invest amounts less than £1 into Unit Trusts or OEICs. Anycash left over will be paid back into your SIPP.
What happens if my dividend is not enough to buy a share?
7.9 (e) If your dividend and any cash balance brought forward, after taking into account costs, is not enough to buy at least one share, the whole of your dividend will be paid in cash toyour SIPP. As Unit Trusts and OEICs can be bought in fractional amounts, we will invest anyamount over £1 and buy the maximum amount available relating to the dividend youreceived.
Can I join the DRIP for just some of my shares?
7.9 (f) No, dividends will be reinvested on all of your CREST eligible shares and Cofunds eligibleUnit Trusts and OEICs.
What if I sell my shares?
7.9 (g) If your whole holding is sold before the dividend payment date no reinvestment will takeplace and the whole of your dividend will be paid in cash to your SIPP.
How can I leave the DRIP?
7.9 (h) You can elect to leave the DRIP by giving an online instruction or by calling us.
7.10 We may offer you the option of using income to automatically buy more of one type ofinvestment held in your SIPP. We will write to you separately if this option is available to you. We will choose the date of reinvestment.
How are corporate actions dealt with?
7.11 If you are entitled to extra investments (for example, through a bonus or other capitalisationissue), we will automatically arrange to hold your new investments in your account.
7.12 If a corporate action happens in relation to your investments held in your account we willcommunicate with you outlining the terms and conditions (where applicable) of the offer,requesting your instructions by a given date. You must give us your instructions, by a methodthat we request, by the end of that given date. If we become aware of a corporate action atshort notice, and do not have time to obtain your instructions, we will select the defaultoption that is specified by the company in question or its registrar.
7.13 We may delay writing to you until the corporate action has been declared ex-entitlement or,in the case of a mandatory corporate action, until the corporate action has become effectiveand we have received the benefits to which you are entitled. With the exception of acompulsory acquisition, where we do not receive any instructions from you by a given date, we
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will not accept any such offer on your behalf without your specific instructions andwill not accept instructions to accept only part of such an offer. This could meanany benefits that you were entitled to could lapse.
7.14 If we do not receive any instructions from you by a given date in respect of acompulsory acquisition, we will accept the basic terms of the acquisition on yourbehalf. We will write to you when this has occurred.
7.15 We must receive cleared funds from you by the given date that we notify to youbefore we can carry out an instruction to make a payment in respect of a corporateaction. These funds will need to be available in the SIPP on the given date. Ifcleared funds are not available no action will be taken, subject to condition 7.12.
7.16 The terms of a corporate action may require us to make an election on behalf ofour nominee holding in a company. If it does, we may not be able to getinstructions from all of our clients who hold shares in that company. We reserve theright not to offer the option to you. We will use reasonable efforts to give you analternative option but we cannot guarantee that this will match the option given bythe company.
7.17 If, as a result of a corporate action, we receive investments which are notpermitted to be held in your SIPP, we will sell the stock out of your SIPP within a30 day period.
7.18 Where our nominee receives a distribution of entitlement to shares and any otherbenefits due to you arising from a corporate action, we will allocate theentitlement to your account promptly but at the latest in accordance with theFSA’s guidelines. Any entitlements will be rounded down to the nearest whole shareor to 6 decimal places for Unit Trusts.
7.19 Under the rules of any Market, if you are selling shares through us and you receive a related benefit to which you are not entitled, you must give up this benefit to usand we will collect it and pass it on to the person entitled to it. Equally, if you arebuying shares and you do not receive a related benefit to which you are entitled we will claim that benefit for you. Entitlement is established by reference to theMarket’s “ex-date” (that is, the date on which an investment is traded without thatentitlement) and not the “record date” (that is, the date on which it is determined all holders shown on the register will receive a benefit).
If you make a corporate action election and subsequently sell your shares, you will be liable for any costs associated with us having to buy back those shares to honouryour election. You will also be liable to pay for any loss arising from adversemovements in the share price.
7.20 Where we are required to make a corporate action call payment on your behalf, or we need to pay you a dividend, interest or a cash entitlement in a currency otherthan pounds sterling, we will make the appropriate currency conversion inaccordance with clause 5.3 and will inform you of the pounds sterling equivalentand when we are to debit this from your SIPP. The exchange rate used will be theappropriate prevailing commercial rate on that day, available on request.
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How can investments/cash be transferred out of an account?
7.21 We will transfer investments direct to another administrator at the request of A J Bell Management Limited. We will charge you for these services. The latest charges arelisted on our website.
Can an account be suspended?
7.22 If we reasonably believe that you are using the IWeb Share Dealing SIPP Service for illegalpurposes, or if we find out that there is a disagreement about who owns or has authority to deal in the investments held for you under the IWeb Share Dealing SIPPService we may freeze all or some of the investments held for you. This means that we will not allow anyone to deal with those investments or carry out any transactions until we aresatisfied that you are not using your account for illegal purposes or that the disagreement is settled.
What happens on death?
7.23 On your death the value of your SIPP account will be used to provide benefits for your family, dependants and/or nominated beneficiaries. Information on the benefits that may be provided is contained in the Key Features Document for the IWeb Share Dealing SIPP. A J Bell Management Limited is responsible for determining the benefits to be paid in theevent of your death and will liaise with your family, dependants, nominated beneficiaries and/or personal representatives, to arrange payment.
7.24 Once it has received satisfactory evidence of your death, A J Bell Management Limited willnotify us. Our nominee will continue to hold investments and any cash in your IWeb SIPPuntil we receive instructions from A J Bell Management Limited to sell those investments. Your account will then be closed and value paid in accordance with the instructions receivedfrom A J Bell Management Limited.
7.25 Until we sell investments, they will be subject to daily price movements as normal.
8. Dealing charges and SIPP administration charges
What charges apply and how will they be levied?
8.1 We make dealing and other charges in connection with your account. We also makeadministration charges for the SIPP. Details of all our current charges are listed on our website.We may introduce new charges or change our existing charges. When you deal with us, ourlatest charges will apply. Because of this you should make sure you have checked the latestcharges on our website.
8.2 We will collect dealing charges by adding them to the cost of buying investments, or bytaking them from the sale proceeds. We may collect these charges, our administration chargesor any other applicable charges from your SIPP or by selling any investments that you hold.Additional charges may be levied by the Fund Manager in relation to orders placed in UnitTrusts and OEICs. Any applicable charges will be included within the amount you are investingor deducted from the sale proceeds.
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8.3 You will pay any Stamp Duty, Stamp Duty Reserve Tax, Value Added Tax or anyother taxes or levies which apply when you buy or sell investments or incurcharges. We will account to the appropriate authorities for all such taxes and levies.
8.4 When we calculate our administration charges, we round up fractions of a penny tothe nearest penny.
9. What information will be sent to me?9.1 We may send you marketing information and market analysis but this will not form a
personal recommendation and any decision about your investments rests with you.
We make market information available to you as part of the services providedthrough our online service. The market information is for your own personal use. You must not pass the information on to anyone else or use it for any commercial or unlawful purpose. If you think that someone has used market informationwithout our permission, you must notify us straightaway.
If we provide market information, we use sources we believe to be reliable. If weuse an independent information provider to provide market information, we will useall reasonable care and skill to choose that provider. But, because we and anyprovider have no control over the information sources, we cannot promise that themarket information is accurate, complete, timely or in the right order. You mustsatisfy yourself that market information is reliable before you make any decisions ortake any actions based on it.
We are not responsible for any decision or action you take or any loss you oranybody else may suffer as a result of such a decision or action. We cannot promisethat the market information will always be available to you.
What information is sent about a deal?
9.2 As soon as is reasonably practicable following your deal, we will send you an e-mailstating that an online contract note is available on the secure area of our website.If you do not receive an e-mail from us, you should not repeat your instruction;instead you should check the details of your deal through our secure website;clicking on the deal reference number will display the contract note details. Youcan also contact us for further information.
You will not receive any confirmations or other information relating to your deal(s)in hard copy or by e-mail. All information relating to your deal(s) and investmentswill be for viewing on the Dealing History page of the secure area of our website. Ifyou wish to receive paper contract notes after you have requested not to receivethem you will need to contact us.
If, at any point, the flow of information between us is interrupted (for example, yourcomputer crashes or you can no longer access our website), and you are not certainwhether a deal has been accepted or not, do not try to enter the deal again.Instead, please try to log onto our online service again and check your IWeb ShareDealing account details. If you cannot log on, or you are still uncertain about thedeal, please telephone us and we will confirm the position.
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Our records are conclusive (except for any errors and omissions). For a deal, this means thatthe information held on our computer systems, and the contract noteor online confirmation for that deal, are the only valid evidence of the deal. In particular, thescreen message may not be used as evidence of that deal.
9.3 If we are unable to provide you with an online contract note we will send you a papercontract note.
9.4 If we make a mistake when we carry out your instructions to make a deal we may provide youwith or send you a contract note that shows our mistake. When we have corrected ourmistake, we will provide you with or send you a contract note that will show the steps wehave taken to correct the mistake.
How often are statements and valuations sent?
9.5 As you have registered to use our online service, you will be able to view on the website avaluation of your portfolio and a statement showing up to date details of any cash and stockmovements on your account. The valuation of your portfolio during the dealing period will be the current market price, delayed by 15 minutes.
If you are viewing your valuation after the dealing period has ended on a working day, it willbe based on the close of business prices for that day. If you are viewing it on a day that is not aworking day, it will be based on the close of business prices for the previous working day.
What other conditions apply to communications between us?
9.6 We do not accept any responsibility for documents before we receive them or after they havebeen sent to you. You are responsible for any charges relating to the recovery or replacement of lost documents. You should keep a note of the date on which you post documents to us and of any cheque or certificate numbers to help with any enquiries that may arise. We do notaccept responsibility for postal delays.
9.7 We will send all written notices and other communications to the address that you gave uswhen you applied for your account or the latest address that you have given us. They will betreated as arriving 48 hours after posting.
9.8 As you are registered for our online service you must supply us with an e-mail address. We willcontact you by e-mail to inform you of deals on your account, pending corporate actionsand other important communications. E-mails will be treated as arriving immediately uponsending by us.
9.9 If you change your name, address, e-mail address or other contact details, you must contact A J Bell Management Limited by telephone or write to them straight away. If you have not told A J Bell Management Limited about a change of contact details and we send a notice to thelatest details that you have given them, it will be effective. You should make sure that thearrangements for receiving mail at your address are safe and that you can receive e-mail from us.
9.10 When we receive returned mail or e-mails, we will make reasonable endeavours to contact youto get your new details. We reserve the right to not send further communications to the oldaddress or old e-mail address.
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10. How are complaints dealt with?10.1 If you believe that we have failed to carry out your instructions correctly, you must
report this to us immediately. We will investigate your complaint in accordancewith the FSA Rules.
10.2 If you have a complaint about the dealing and stockbroking administration servicesprovided by IWeb Share Dealing or would like details of our complaints procedures,please call us or write to the Client Services Manager, IWeb Share Dealing, Lovell Park Road, Leeds, LS1 1NS or e-mail us. If we cannot resolve your complaint toyour satisfaction, you have a right to complain directly to the Financial OmbudsmanService whose address is South Quay Plaza, 183 Marsh Wall, London E14 9SR.
11. Regulatory matters and disclosures11.1 We will treat you as a retail client for the purposes of our relationship. We will act
for you on an execution only basis which means we cannot give you investment ortaxation advice.
11.2 We will carry out each deal under the Rules of the FSA and any Market on which we carry out that deal.
11.3 If we cannot perform any of our services under these conditions due tocircumstances beyond our reasonable control, then we will take all reasonable steps to bring those circumstances to an end, but we will not be liable for ournonperformance except to the extent required by the FSA Rules, the FinancialServices and Markets Act 2000 or any regulations issued under that Act.
11.4 We can employ agents on such terms as we think fit and we can delegate any of our functions under these conditions. We will satisfy ourselves that any person to whom we delegate any functions under these conditions is competent to carryout those functions.
11.5 No notice of any trust, express, implied or constructive will be binding on us, or ournominee.
11.6 Your attention is drawn to the fact that there may be limited circumstances in which a conflict exists between your and our interests. To mitigate and control these conflicts we have drawn up a conflict of interest policy. A summary of thisdocument is provided separately, although you may request a copy of the full policyat any time by contacting us.
11.7 We may deal for you in investments that may have been the subject of“Stabilisation”. Stabilisation is a process that supports the price of newly issuedinvestments. It can make the market price of the newly issued investmentstemporarily higher than it would otherwise be. It may also affect the market priceof investments of the same class already in issue and of other investments whoseprice affects the price of the newly issued investments. It is undertaken to ensurethat:
• newly issued investments are introduced to the market in an orderly fashion; and
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• the issue price and/or price of associated investments is not artificially depressed because ofthe increase in supply caused by the new issue. It may only take place for a limited period.There are limits on the price at which shares and warrants may be stabilised.
11.8 Neither we nor any member of the Lloyds Banking Group accept any liability either for anyconsequential loss arising from error or omission, but this will not exclude or restrict anyobligation owed to you under the FSA Rules, the Financial Services and Markets Act 2000 or any regulations issued under that Act.
11.9 If we give you at least 10 working days’ notice either by writing to you or by publishing thechange in at least two national newspapers, we may change these conditions for any validreason and if it is reasonable to make the change. If we have accepted your instructions to carry out a deal before we give this notice, we will carry out and settle that deal in line with the conditions before the change is made. See also condition 5.8.
11.10 We have accepted responsibility under the FSA Rules for any custodian function carried out by our nominee in its capacity as an eligible nominee.
11.11 If we appoint a custodian to act as our nominee in respect of investments that are subject to the law or market practice of a jurisdiction outside the UK:
• different settlement, legal and regulatory requirements may apply from those in the UK; and
• there may be different practices for the separate identification of safe custody investments.
11.12 We are a participant in the Financial Services Compensation Scheme. As you have beencategorised as a retail client, you may be able to make a claim on this Scheme if we default inour obligations to you. Compensation of up to 100% of the first £30,000 and 90% of the next£20,000, to a maximum of £48,000, is available to eligible claimants. If you ask, we will send you a summary of your rights under the Financial Services Compensation Scheme. Furtherinformation can also be obtained from the Financial Services Compensation Scheme.
11.13 Your investments will be pooled with investments held for other clients. This means thatyour investments will not be identified by separate certificates. Our nominee companies areowned by us. If our nominee defaults, we accept full responsibility for it. We will not disclaimlosses arising directly from its fraud, willful default or negligence. We are wholly owned by the Lloyds Banking Group plc.
11.14 We can suspend or withdraw all or part of the IWeb Share Dealing Service from you at anytime on immediate oral or written notice. Even if we have already received your instructions to carry out a deal, we will not be obliged to carry out and settle that deal in line with theconditions. If the IWeb Share Dealing Service is suspended or withdrawn from you, we willcontact A J Bell Management Limited regarding alternative arrangements.
11.15 If, after acting for you and our other clients for any transaction, we are left with fractions ofinvestments or cash, we may add these together, sell them (in the case of investments) and keep the proceeds to set against our operating expenses.
11.16 We are not responsible for any loss incurred as a result of the actions or omissions of any third party.
11.17 Any references to provisions, rules or other requirements of the Financial Services and MarketsAct 2000, the FSA or any Market in these conditions, we mean the requirements from time totime in force.
11.18 If we are required to give warranties before acting for you, we may require you to give us anindemnity before we act.
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11.19 You may exercise your right to withdraw from the IWeb Share Dealing Servicecontract by giving us 14 calendar days notice. Any instruction to buy, sell orsubscribe for investments entered into during the notice period is not subject tothis right and you must arrange to transfer the investments to us. Any charges orfees incurred by you during the notice period remain your responsibility.
11.20 Where your account does not hold any investments or cash and has not been usedfor a period of 12 months or more, we reserve the right to treat your account asinactive and refrain from sending you any correspondence, documentation ormarketing literature.
11.21 Where your account does not hold any investments or cash and has not been usedfor a period of 3 years or more, we reserve the right to treat your account as closed.
11.22 We reserve the right to pass your details to a third party for debt collectionpurposes if we reasonably believe any amount owing to us by you will not be paid.
11.23 It is agreed that these conditions are governed by English law and that any disputewill be dealt with by the English courts. All communication, either oral or written will be in the English language.
How we use your Personal Data
11.24 Like other financial organisations, we are legally obliged to collect, verify and record information confirming client identity and to report details of suspicioustransactions to the Serious and Organised Crime Agency. For more details pleasecontact A J Bell Management Limited.
11.25 Occasionally we search credit reference and fraud prevention agency files as well as our own internal group records to manage your account and take decisions such|as whether to offer or continue to offer our service. Lenders who may assess yourability to obtain credit may see these searches.
11.26 The Data Protection Act puts obligations on users of personal information and laysdown principles for its use. One principle states that information has to beprocessed fairly and lawfully. This means that you are entitled to know how weintend to use any information you provide. You can then decide whether you wantto give it to us. To provide outstanding client service we need accurate clientinformation. You can help by informing us whenever your circumstances change.Organisations must lodge a notification with the Information Commissionerdescribing the purposes for which they process personal information. The detailsare publicly available from the Commissioner’s office at Wycliffe House, Water Lane,Wilmslow, Cheshire SK9 5AF Tel: 01625 545745. Fax 01625 524510. Alternatively, seethe Commissioner’s website: www.informationcommissioner.gov.uk
11.27 We may ask any other member of the Lloyds Banking Group to give us informationabout you which will help us to identify you. We and other members of the LloydsBanking Group may exchange information about you for administrative purposes.
11.28 Our main use of your personal information is to look after your account or toprovide the specific service you require. Members of the Lloyds Banking Groupmay use your details to inform you by letter, telephone, e-mail or otherwise aboutany special shareholder offers, products or services offered by our group ofcompanies and selected third parties, unless you ask us not to do so. If you do not
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wish to hear about these, please call us or let us know by any means available to you.Remember, however, that opting out could stop you hearing about our special shareholderoffers or products and services which may benefit you.
11.29 Where permitted by the FSA Rules and if you have not registered a solicitation objection withus, we may contact you by telephone or other interactive dialogue about products andservices which may be of interest to you. You agree that we have your permission to contactyou on any telephone number that you have provided.
11.30 Unless you have given us your consent, we will not provide information about you tocompanies outside the Lloyds Banking Group to use for their marketing purposes. Wedisclose personal information only with your consent, or if we are required to do so by law.Sometimes we need to give information to our agents and subcontractors so that they canprovide a particular service for us. Sometimes, these companies may be located abroad incountries that do not have data protection laws. In these circumstances we always take greatcare to ensure that your personal information is kept safe and secure.
11.31 We may use your account details, transactions and information provided to us by third parties in our client contact programme.
11.32 You agree that:
• we may give details about you and your account to the companies or other concerns whoseinvestments you hold; and
• companies or other concerns whose investments you hold may disclose details about yourinvestments to us.
11.33 We may record telephone conversations to fulfil regulatory record keeping requirements, offeryou additional security, resolve complaints and improve our service standards. Conversationsmay also be monitored for staff training purposes.
11.34 If you e-mail us, or give us your e-mail address, we will keep a record of it. We may use it tocontact you occasionally about our products and services unless you ask us not to do so. We will not give your e-mail address to any unauthorised third parties.
11.35 If you send us e-mail over the Internet, remember that it will be ‘unsecure’ and could beintercepted. If you do send us ‘unsecure’ e-mail, please keep the amount of confidentialinformation you include to a minimum. We will do likewise when we reply.
11.36 Certain information collected may be classified as sensitive and we can only use such datawhere we have your explicit consent. This data relates to racial or ethnic origin, politicalopinions, religious beliefs, trade union membership, physical or mental health, sexual life,criminal proceedings and offences and will only be processed in order to provide the servicerequested.
11.37 Under the Data Protection Act you have the right of access to information we hold about youon our records. The Act allows us to charge a fee of £10 for this service. If anything isinaccurate or incorrect, please let us know and we will correct it.
11.38 We may disclose any information that we have about you or your account to anygovernmental or regulatory body entitled by law to that information.
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12. Regular Investments
What are Scheduled Investments and how do they work on my SIPP?
12.1 The following conditions 12.2 to 12.5 explain how scheduled investments work onyour SIPP. The following defined words in bold type have special meaning in relationto scheduled investments.
An investment day is a day on which we will effect a scheduled investment foryou. Each investment day that applies to you is set out in your investment planwhich you can access through the website.
A scheduled investment is a purchase of investments on one or a series ofinvestment days chosen by you and specified on the website.
When and how will my Scheduled instructions be carried out?
12.2 (a) When you instruct us to buy investments, you must tell us the amounts that youwant to invest for scheduled investments and the companies in which you want to invest. For scheduled investments where you opt for a percentage amount, we will invest all available funds within your account on the day of thescheduled investment.
12.2 (b) If you are making a scheduled investment we will purchase those investmentson the investment day chosen by you through the website. If for any reason weare unable to purchase the investments on the investment day we will do so assoon as practical. You can change your instructions to make a scheduledinvestment at any time before the investment day on which the scheduledinvestment is due to take place.
12.2 (c) We will only effect a scheduled investment when we are satisfied that we havecleared funds. Cleared funds must be available to us before the commencement of each investment day.
12.2 (d) It is your responsibility to ensure that there are funds available to us before thecommencement of each investment day for a scheduled investment.
12.2 (e) If we think it appropriate (for example, because of market conditions), we candelay an investment day until such time as we think it is appropriate for us to deal on your behalf. If we delay an investment day, this will be disclosed on the website.
12.2 (f) We will carry out your instructions at the best price available at the time ofdealing. This is subject to condition g).
12.2 (g) We may buy or sell scheduled investments for you and other clients as part of the same deal. When we do this, we must reasonably believe that we will obtain a more favourable price or the same price than if we had bought or sold yourscheduled investments separately. However, it may work on some occasions to your disadvantage.
12.2 (h) The date and time of the deal that we carry out for you will appear on the online confirmation.
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How do I pay for the scheduled investments you buy for me?
12.3 (a) For scheduled investments, we debit the funds from your account.
12.3 (b) For scheduled investments, you will nominate a set amount to be invested through theIWeb Share Dealing SIPP Service, in accordance with the schedule you have set up throughour website and we will debit the appropriate amount from your account on each occasionwe make a scheduled investment for you.
How do you allocate scheduled investments to my account?
12.4 For your scheduled investments, once we know the price of investments to be bought inaccordance with your instructions, we will calculate the number of investments to beallocated to you and allocate them to you as soon as reasonably practicable after we havecompleted the deal.
What information will I receive about my scheduled investments?
12.5 Information about your investments and about transactions you have undertaken and matterssuch as your subscription days will only be available to you through the website.
IWeb is a trading name of IWeb (UK) Ltd, owned by Halifax Share Dealing Limited which is part of the LloydsBanking Group. Registered in England No. 01385075. Registered Office: Trinity Road, Halifax, West Yorkshire,HX1 2RG. Authorised and regulated by the Financial Services Authority and a Member of the London StockExchange. Halifax Share Dealing Limited. Registered in England No. 3195646. Registered Office: Trinity Road,Halifax, West Yorkshire, HX1 2RG. Authorised and regulated by the Financial Services Authority, 25 The NorthColonnade, Canary Wharf, London E14 5HS. A Member of the London Stock Exchange and an HM Revenue &Customs approved ISA Manager.
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